Once a firm has selected a price for its product, quantity is decided by consumers and their demand curves.
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Q13: A firm's total profit is the difference
Q14: Total revenue is equal to quantity multiplied
Q15: Average revenue is slightly higher than price.
Q16: Over the range of most of a
Q17: A firm's total revenue is simply the
Q19: Accounting profit is usually larger than economic
Q20: Accounting profit is usually smaller than economic
Q21: Marginal cost for a firm can be
Q22: Over the range of output, a firm's
Q23: Average cost is the cost of producing
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